Latest news with #CouncilJr.
Yahoo
17-05-2025
- Yahoo
Alabama Man Sentenced for Hacking SEC's Social Media to Post Fake Bitcoin ETF News
A 26-year-old man from Alabama has been sentenced to more than a year in prison for his role in a social media hack that briefly sent the price of bitcoin BTC Council Jr. of Huntsville pleaded guilty to charges tied to the January 2024 hack of the U.S. Securities and Exchange Commission's X account, according to a U.S. Department of Justice press as a telecom customer using a fraudulent ID, Council used a SIM-swap technique to hijack a phone number tied to the SEC's account. His co-conspirators then used it to falsely post that the agency had approved spot bitcoin exchange-traded funds (ETFs), a long-awaited regulatory minutes, the price of bitcoin surged by more than $1,000. It crashed soon after, losing more than $2,000 in value once the post was revealed as fake. The SEC did later that month approve the launch of spot bitcoin say Council was paid in bitcoin for his role. He will serve 14 months in prison followed by three years of supervised prosecutors called the attack a calculated attempt to manipulate financial markets. 'The deliberate takeover of a federal agency's official communications platform was a calculated criminal act meant to deceive the public and manipulate financial markets,' said Acting FBI Assistant Director Darren Cox. 'By spreading false information to influence the markets, Council attempted to erode public trust and exploit the financial system'
Yahoo
10-02-2025
- Business
- Yahoo
Athens man pleads guilty to hacking SEC X account in 2024
WASHINGTON, D.C. (WHNT) — An Athens man pleaded guilty to his part in a Jan. 2024 takeover of the U.S. Securities and Exchange Commission social media account on X. According to the United States Department of Justice, 25-year-old Eric Council Jr. conspired with others who took 'unauthorized control' of the SEC's X account and falsely announced the SEC-approved BTC Exchange Trade Funds. This false announcement was based on a decision that was highly anticipated by the market, according to the DOJ. Immediately after the false announcement, the price of BTC increased by more than $1,000 per bitcoin. Shortly after the post, the SEC regained control of its account and confirmed the announcement was false and due to a security breach. Following the correction by the SEC, the value of BTC decreased by more than $2,000 per bitcoin. Per the DOJ, the people who hacked into the SEC X account used an unauthorized Subscriber Identity Module (SIM) swap carried out by Council Jr. A SIM swap refers to the process of 'fraudulently inducing a cell phone carrier to reassign a cell phone number from the legitimate subscriber or user's SIM card to a SIM card controlled by a criminal actor.' Council Jr. used an identification card printer to create a fraudulent identification card with a victim's personal information, which he received from the co-conspirators. He used the fraudulent identification card to impersonate the victim and gain access to their cell phone number to access the SEC's account. Council Jr.'s co-conspirators then were able to access the account and posted claiming to be the SEC Chairman. Council Jr. received payment in Bitcoin from his co-conspirators for his role in the scheme. Council pleaded guilty to conspiracy to commit aggravated identity theft and access device fraud. He is scheduled to be sentenced on May 16 and faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. The FBI Washington Field Office and SEC Office of Inspector General are investigating the case. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
